Ask The Experts: Retirement

By Reg Jones

Retiree increasing life insurance

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Q. I am a former CSRS employee who retired in 2000. I have life insurance. Can I increase my death benefits?

A. Assuming you are talking about Federal Employees’ Group Life Insurance, no.

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Retiree returning to federal service

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Q. I am thinking about returning to work for the federal government. I retired in November 2010, with 35 years of federal service at the GS-12 level. I have a 17-year-old graduating for high school, and he will need financial assistance. If I got a job at the GS-6 level, how would that affect my annuity? I would be under the old retire system CSRS.

A. Your new salary would be offset by the amount of your annuity. Therefore, taking a job at the GS-6 level would reduce your new salary to the point where it might not be worth the effort.

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Retiree stimulus tax credit

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Q: Because I’m a retiree who isn’t receiving Social Security benefits, I didn’t get the $250 included in the Economic Stimulus tax credit package. I’ve heard that I can get it when I file my income tax for 2009. How do I do that?

A: You’ll need to complete Schedule M and then enter the dollar figure you come up with on line 14 on either line 63 of form 1040, line 40 of form 1040A or line 60 of form 1040NR.

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